Ingenia buys Carrum Downs, Sunshine Coast sites

Protea Village contains 60 dwellings. Image: Google Street View.

Ingenia Communities is paying $10 million for a Carrum Downs seniors housing investment.

Protea Village, on 6279 square metres at 22 Protea Street, contains 60 dwellings, a community room, commercial kitchen and manager’s residence.

The purchaser will rebrand the property as Ingenia Gardens Carrum Downs.

The investor also holds an Ingenia Holidays arm, with assets at Cape Paterson, Inverloch and Phillip Island – all within 90 minutes of Protea Village.

“We are pleased to have secured the opportunity to expand our Ingenia Gardens business which provides stable, government-backed rental cash flows,” Ingenia Communities chief executive officer Owen said.

The company is expecting a stabilised yield of nine per cent, once the property reaches 96pc occupancy (it is presently a tenth vacant).

Permit-ready Sunshine Coast block

Meanwhile Ingenia, in partnership with New York Stock Exchange listed Sun Communities, has outlaid $15.5m on a 13.5 hectare Sunshine Coast development site (story continues below).

At Nambour – near the Big Pineapple (pictured, top) – the land comes permit-ready for a 230-unit retirement village.

The developer will start building it in 2023.

“The Sunshine Coast is an established retirement destination and a key target market for the group,” Mr Owen said.

The joint venture holds an approved development pipeline of 850 lots in four projects.

In January we reported MPG Funds Management outlaid $6m for a retail investment passed by 20,000 cars a day on Currie St, Nambour.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of